Marketing Final

The unique set of associations target customers or stakeholders make with a brand is referred to as:

Brand image.

A good mission statement should be oriented around the company's

Customer.

Which of the following statements regarding supply chain management is not true?

Each channel within a supply chain acts independently of the other channels.

The moral standards expected by a society are called:

Ethics.

(T/F) Direct competition occurs when a product provides alternate solutions to the same market.

False.

(T/F) The B2B purchasing process is often shorter and less complicated than the consumer decision-making process.

False.

All of the following are factors that contribute to shaping a retailer's image EXCEPT:

How many competitors the store has.

The controls section of the marketing plan should contain which of the following?

Implementation, organizational structure, and contingency planning

The new-product strategy development stage accomplishes all of the following except:

It outlines the costs that will incurred for the development of new products.

The degree to which the price of a product affects consumers' purchasing behavior is referred to as

Price sensitivity.

_______ retailers primarily offer mechanical or human efforts, rather than merchandise to consumers.

Services.

(T/F) A sales quota is the minimum desired sales level for an individual or team for a specified period of time.

True.

(T/F) Geo-fencing is a location-based technology that uses small sensors to send messages to smartphone users who enter a nearby, defined geographic area.

True.

(T/F) Loss-leader pricing involves selling a product at a price that causes the firm a financial loss.

True.

Currently, females account for what percentage of all consumer purchases in the United States?

85 Percent.

Which of the following is not part of the Sales and Marketing Executive International (SMEI) code of conduct?

A concept of selling that includes generating the most profit possible for the firm

The specific combination of goods, services, or ideas that a firm offers to its target market is referred to as:

A product.

Which of the following represents B2B marketing?

A steel manufacturer selling rolled steel to an automaker

A set of three or more companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer is referred to as:

A supply chain.

A retailer that offers ultra-low prices, but requires customers to pay an annual fee for the privilege of shopping in the store is referred to as:

A warehouse club.

A concise yet authoritative report or guide that seeks to inform readers about a complex issue and presents the issuing body's philosophy on the matter is referred to as:

A white paper.

The activity of buyers and sellers trading things of value so that each is better off as a result is referred to as:

An exchange.

The selling of goods and services to end-user customers is referred to as

B2C marketing.

The name, term, symbol, design, or any combination of these that a firm uses to identify and differentiate its products is its:

Brand.

An organization's obligation to maximize its positive impact and minimize its negative impact on society is referred to as:

Corporate social responsibility.

Which measure of customer service effectiveness focuses on trends in repeat buying from current customers?

Customer loyalty.

Which data collection method uses techniques from the field of anthropology in order to study consumer behavior?

Ethnographic Research.

Heat maps and bee swarms are associated with which neuromarketing technique.

Eye tracking.

(T/F) Market penetration strategies focus on selling existing goods and services to new customers.

False.

(T/F) Primary data are collected specifically for the research problem at hand.

False.

(T/F) The five steps of the marketing research process must be followed in a linear fashion and in order.

False.

(T/F) The launch stage of the new-product development process is usually the least expensive stage for new products.

False.

(T/F) The need for status, recognition, fame, and prestige are all types of high esteem needs.

False.

Intermodal transportation refers to transportation that occurs across state lines.

False.

The group of adopters that make up the smallest percentage of product adopters is the laggard group.

False.

Which of the following statements is accurate regarding the way a supply chain works?

In a supply chain, products flow downstream, finances flow upstream, and information flows both upstream and downstream.

A retailer wanting to incorporate self-service into its stores may choose to:

Incorporate an in-store kiosk.

What have sociologists and organizational scientists concluded about the constant use of social media?

It has made users less social in face-to-face settings.

The Dale Carnegie Institute offers tips for building rapport with customers. Which of the following is not one of those tips?

Let the customer know your expertise.

A retailer that uses strategies to enhance long-term mutually beneficial relationships with its customers is considering the ______ of each customer.

Lifetime value.

The net present value of a customer's business over the span of their relationship with an organization is referred to as:

Lifetime value.

Companies can assess if they are doing a good job servicing their customers by establishing performance measurements, also known as:

Metrics.

While Natalie was at the mall, she saw a kiosk that was selling smartphone covers. Although she had no intention of buying a new phone cover when she entered the mall, the kiosk caught her eye and she ended-up buying a leopard-print cover. Which of the following describes Natalie's behavior?

Natalie's cell phone cover was an impulse purchase.

Which of the following persons is using social media to act as a brand ambassador?

Noah, who posts pictures of him and his friends drinking red bull at a ski resort

Companies can assess if they are doing a good job servicing their customers by establishing performance measurements, also known as:

On-time delivery.

While viewing a webpage for outdoor gear, Phil noticed a graphic display advertising skateboards at low prices. When he clicked on the ad, it took him to a different website where the skateboards were listed for sale. This is an example of what type of Internet advertising?

Paid Display.

Publicity gained through advertising, such as buying a 30-second Super Bowl commercial or sponsoring a college bowl game, is referred to as:

Paid media.

The two-way flow of communication between a salesperson and a customer that is paid for by the firm and seeks to influence the customer's purchase decision is referred to as:

Personal Selling.

The brand image that bears your name and that must be managed 24-hours-a-day, 7-days-a-week, 365-days-a-year, is referred to as your:

Personal brand.

A measure of price sensitivity that gives the percentage change in quantity demanded in response to a percentage change in price is known as:

Price elasticity of demand.

One of the most important strategic decisions a firm faces is _______ because it reflects the value the product delivers to consumers as well as the value it captures for the firm.

Pricing.

Which step in the marketing research process includes setting specific, measurable research objectives?

Problem definition.

A group of related products marketed by the same firm is its:

Product line.

All of the following are elements contained in the 4 Ps of the marketing mix except:

Profit.

The marketing mix element where most of an organization's communications with the marketplace occurs is:

Promotion.

Bob's Custom Millwork is a business that provides custom cabinetry and furniture for both businesses and individual consumers. Bob does not make any products until he receives an order from the customer. What type of marketing strategy does this represent?

Pull strategy.

A supply chain strategy in which a company builds goods based on a sales forecast, puts those goods into storage, and waits for a customer to order the product is called a:

Push strategy.

Tristan has been calling on the same customer for years. He handles all of the company's orders and quickly resolves any issues that may come up. On occasion, Tristan takes some of the company employees out to dinner and has even given them tickets to local sporting events. Tristan is involved in:

Relationship selling.

Market segments are:

Relatively homogeneous groups of consumers that result from the segmentation process.

What is the customer service objective that involves ensuring customers can depend on receiving a good or service within a stated lead time and that there will be no problems with the order?

Reliability.

In order to provide consistently relevant and valuable marketing content, marketers must provide consumers with content that is all of the following except:

Repetitive.

A firm's flexibility is measured by which metric?

Responsiveness.

To achieve long-term success in professional sales, all efforts must be centered on:

Serving the needs of the customer.

The acronym SPIN refers to the questions that feature most prominently in successful sales calls. Which of the following accurately lists the types of questions represented in the SPIN acronym?

Situation, problem, implication, and need-payoff.

Which of the following is not one of the four dimensions of corporate social responsibility?

Social.

The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives is called.

Strategic Planning.

Which market segment criteria refers to the fact that segments must be large enough for the firm to make a profit by serving them?

Substantial.

The VALS framework classifies adults into eight psychographic groups: Innovators, Thinkers, Believers, Achievers, Strivers, Experiencers, Makers, and

Survivors.

The term ease of doing business refers to:

The amount of effort required on the part of a customer when dealing with a firm.

A customer searching for information will create a list of brands or products that he or she will evaluate as options for the solution of a particular problem. This list is referred to as:

The evoked list.

The political, economic, demographic, sociocultural, technological, and legal factors that affect a company's ability to meet its marketing goals are all part of:

The marketing environment.

Marketers define customer value as:

The perceived benefits, both monetary and nonmonetary, that customers receive from a product compared with the cost associated with obtaining it.

Marketing is defined as:

The process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole.

A supply chain refers to:

The set of three or more companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer.

What does Reilly's law of retail gravitation state about the correlation between the size of a trading area and population density?

The size of a trading area increases as population density increases.

The ability of a company to deliver a good or service by the time the customer expects to have it available for sale or consumption is referred to as:

Timeliness.

The three primary objectives of an advertising campaign are:

To inform, persuade, and to remind.

According to the public relations firm Ruder Finn, all of the following are online motivations for website users except:

To meet.

(T/F) A call to action is an image or line of text that prompts visitors, leads, and customers to perform a desired action.

True.

(T/F) A successful positioning statement should include the competitive advantages of the product:

True.

(T/F) According to Forrester Research, almost half of the goods and services that consumers ultimately purchased in a store were actually influenced by online activity.

True.

(T/F) Adaptive selling refers to the altering of sales behavior during a customer interaction or across customer interactions based on perceived information about the selling situation.

True.

(T/F) An assortment includes both the breadth of product categories and the depth of product lines offered within each category.

True.

(T/F) Cognitive dissonance is also referred to as buyer's remorse.

True.

(T/F) Consumers wanting to buy products from companies that care about protecting the environment and the world's natural resources are interested in companies that practice sustainability.

True.

(T/F) Customer-driven companies strive to delight, rather than simply satisfy, their customers.

True.

(T/F) Magazines allow firms to segment based on a variety of demographic, geographic, and behavior variables to reach their target audience.

True.

(T/F) One of the biggest sociocultural changes in the United States over the past half century has been the shift from a nation of primarily one-income families to one in which two-income families and single-parent households predominate.

True.

(T/F) Price elasticity of demand is a measure of price sensitivity.

True.

(T/F) Pricing is one of the most important strategic decisions a firm faces because it reflects the value the product delivers to consumers as well as the value it captures for the firm.

True.

(T/F) Regardless of market conditions, over 80 percent of all new products fail in the marketplace.

True.

(T/F) Relationship selling is increasingly important since very few firms can survive on the profits generated from one-time transactional sales.

True.

(T/F) Tariffs may raise the price that foreign customers must pay for goods produced in the United States, negatively impacting a U.S. firm's ability to be price competitive in those markets.

True.

(T/F) The belief by residents of a country that it is inappropriate or immoral to purchase foreign-made goods and services is referred to as customer ethnocentrism.

True.

(T/F) The situation analysis section of the marketing plan consists of a market summary, a SWOT analysis, and a competition analysis.

True.

(T/F) When marketers segment based on psychographics, the market is divided into groups according to the reason the consumer made the purchase.

True.

Effective materials management reduces procurement, transportation, and production costs through economies of scale.

True.

Variable costs are defined as costs that:

Vary depending on the number of units produced or sold.

The ease with which website visitors can achieve their objectives for visiting the site is termed:

Website usability.

Joey set up a lawn-mowing business in his neighborhood. He currently has 7 customers that want their lawns mowed each week, for which he charges $25.00 each. Joey spends $10.00 a week in gas and another $17.00 in yard waste bags and stickers. What is Joey's weekly revenue?

$175.00